Bitfinity bridges Bitcoin and Ethereum with new Layer-2 mainnet, raises $12 million
Bitfinity Network, a Bitcoin Layer-2 solution compatible with the Ethereum Virtual Machine (EVM), has officially launched its mainnet after raising nearly $12 million, according to a Nov. 19 statement shared with CryptoSlate.
The Layer-2 network aims to bridge the gap between Bitcoin and DeFi, offering enhanced interoperability and abstraction. Its goal is to bring Bitcoin-native DeFi to a broader audience, making it easier for users to interact with Bitcoin-based decentralized applications (dApps).
The mainnet launch comes on the heels of significant institutional backing and a successful token sale. Bitfinitys token is now listed on major exchanges like KuCoin, Huobi, and Gate.io, generating $5 million in over-the-counter (OTC) sales, primarily driven by community participation.
Bitfinity also secured $7 million earlier this year in a funding round backed by top investors, including Polychains Beacon Fund, ParaFi, Draft Ventures, Warburg Series, and 9 Yards Capital.
Meanwhile, Bitfinity said it is introducing Bitgems, a new feature that rewards users for social interactions. Participants can mine digital gems through a Token Generation Event (TGE) program, further engaging the community and expanding the ecosystem.
Leveraging ICP technology
Bitfinity integrates Internet Computer Protocols (ICP) Chain Fusion Technology to support Bitcoin-native assets within an EVM-compatible environment. This integration aims to enable the secure development of Bitcoin smart contracts, offering a more decentralized and user-controlled ecosystem.
The networks use of a threshold signature scheme creates a decentralized bridge to Ethereum, eliminating the need for centralized intermediaries and enhancing users security and control.
Meanwhile, Bitfinitys mainnet launch coincides with a surge in Bitcoins price and a resurgence of interest in its DeFi ecosystem. This increased activity has drawn more institutional attention, fueling excitement around Bitfinitys potential to unlock new opportunities within the Bitcoin space.
Lomesh Dutta, the VP of Growth at Dfinity, emphasized that Bitfinitys EVM compatibility could redefine Bitcoins DeFi landscape.
He stated:
The incredible community and investor support weve seen speaks to the impact of a platform designed to bring scalability, interoperability, and secure DeFi solutions to Bitcoin users.
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Text source: CryptoSlate
